Director General H.E. Abdullah Ahmed Al Saleh outlines productive UAE-India partnership

UAE Ministry of Foreign Trade Director General H.E. Abdullah Ahmed Al Saleh discussed India’s contributions to the Gulf’s growth and the UAE’s unique ties with the country during a speech delivered today (Wednesday, December 9, 2009) at the Indo-Gulf Business Forum being held at the Hotel Taj Krishna in  Hyderabad, India.

Organized by the Associated Chambers of Commerce and Industry of India, the one-day forum gathered Gulf ambassadors and economic counselors alongside key Indian officials and business sector representatives to discuss strategies for strengthening mutually-beneficial Indo-Gulf trade and economic ties. K Rosaiah, Chief Minister of the state of Andhra Pradesh, shared his thoughts on the strong ties between the two regions. In his speech, H.E. Al Saleh noted India’s role in the GCC’s development and the UAE’s long-standing political, economic and cultural ties with the country.

“India ranks among the Gulf’s major trade partners and has reliably provided highly qualified human resources for over 30 years. There is no denying the substantial contributions of the estimated 5 million Indian expatriates currently living and working in the Gulf to regional progress. In its bid to maintain high annual economic growth rates for the next 15 to 20 years, India is now closely coordinating with the Gulf on potential partnerships in energy security and infrastructural development,” said H.E. Al Saleh.

India was the world’s second-fastest growing major economy in 2008, benefitting from key tax reforms, deregulations and privatization initiatives. It is the world’s fastest-growing telecommunications market, the biggest consumer of gold and jewellery, and the operator of the biggest sugar refinery. As the second most populous country in the world , it is also considered one of the largest international consumer markets.

In 2008, the UAE’s trade exchange with India rose 48 per cent from 2007 to reach around USD 32 billion, accounting for 15 per cent of the Emirates’ total foreign trade. The UAE’s diverse Indian exports include gems and jewelry, vegetables, fruit, spices, engineering goods, tea, meat and its preparations, rice, textiles and apparel and chemicals. The Emirates also purchases readymade garments, cotton, synthetic yarn, marine products, machinery and equipment and plastics from India.

Almost 2 million Indian expatriates currently live and work in the UAE, comprising more than 30 per cent of the national population and constituting the Emirates’ largest expatriate group. Indian businesses have been availing of the UAE’s various commercial incentives, such as proximity to emerging European and Asian markets; world-class free zones; 100 per cent repatriation of capital and profits; numerous non-oil industries which generate more than 60 per cent of the national GDP; easy access to raw materials; cheap energy sources; and zero corporate profit and personal income taxes.

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